07/15/2015 09:45 EDT | Updated 07/15/2016 05:59 EDT

Average Canadian Home Price Up Nearly 10% To $543,560, CREA Says

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OTTAWA - The Canadian Real Estate Association says low interest rates have given buyers confidence and pushed the number of monthly sales in May and June to the highest levels in years.

The association says the number of Canadian home resales in June hit a record for the month and about two-thirds of all local markets showed increases from a year earlier.

It says there were 56,839 transactions by CREA members in June, up 11 per cent from same month last year.

The association's national home price index was up 5.43 per cent in June from the same month last year and the national average price for homes sold in June was $543,560 — up 9.6 per cent from a year earlier.

CREA economist Gregory Klump says national sales activity was boosted by a record-high volume of sales in the Toronto area.

He says the Toronto-area records would have been even higher if there weren't a shortage of listings for single family homes.

Note to readers: This is a corrected story. An earlier version said their was a slight increase in June from May.

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